Desktop Metal releases Q3 financial results
November 26, 2021
Desktop Metal, Boston, Massachusetts, USA, has announced its financial results for the third quarter ending September 30, 2021. Revenue growth was reported at $25.4 million, up 34% from the second quarter of 2021 and 907% from the same period in 2020. GAAP gross margin was reported at 16%, while non-GAAP gross margin was 27%.
Net loss was reported at $66.9 million, including $15.2 million of in-process research and development assets related to acquisitions. Adjusted EBITDA of $(26) million. The company noted a strong liquidity position with cash, cash equivalents, and short-term investments of $423.9 million.
“During the third quarter, we delivered solid financial performance underscored by sequential top-line growth of 34% and more than a 180-basis-point sequential increase in our gross margins as we continue to gain scale,” stated Ric Fulop, founder and CEO of Desktop Metal. “Our core metals business was a key driver of this success, which demonstrates the market enthusiasm for our AM 2.0 technology. With the addition of ExOne, and the Production System P-50 progressing toward initial shipments, we are extremely well-positioned as we head into our second year as a public company to deliver on our long-term commitments to shareholders.”
As well as closing the acquisition of ExOne, North Huntingdon, Pennsylvania, USA, the company acquired Meta Additive, Stoke-on-Trent, Staffordshire, UK, and Aidro, Taino, Italy.
The company also tripled manufacturing capacity dedicated to the Production System™ P-50 to accelerate production ramp and meet early demand. The P-50 is expected to ship in the fourth quarter of 2021, with final component procurement and assembly of initial builds underway.
Further information is available through the company’s website.